Indian Bank has signed MoUs (Memorandum of Understanding) with Tata Motors Passenger Vehicles Ltd (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEML) wholly owned subsidiaries of Tata Motors Limited.
Under this partnership, the Bank will provide inventory financing solution to the authorised dealers of TMPVL & TPEML through its digital SCF platform, for both electric vehicles as well as other passenger vehicles.
Speaking on the occasion, Mr. Ashutosh Choudhury, Executive Director, Indian Bank, said, “We are delighted to partner with Tata Motors, a leader in the automotive sector, offering a full suite of mobility choices for passenger vehicles including new-age electric vehicles. Indian Bank with its 5819 branches and trusted by over 10 crore customers is well positioned to provide solutions to TML in its rapid growth journey. Indian Bank Supply-chain finance will provide easy access to working capital finance to the dealers of TML, at favourable terms for driving their business growth.”
Saurabh Dalmia, CMS Vertical Head added that Indian Bank’s Supply-chain Finance platform will bring down the inventory financing costs for Tata Motors dealers. It will enable them to track and reconcile transactions, repayments, outstanding, interest and charges with ease and transparency.
Ramesh Dorairajan, Vice President Tata Motors Passenger Vehicle said, “We are extremely elated to associate with Indian bank for this financing program for our authorized passenger vehicle dealers. We are positive that this initiative will further support our vision to achieve the goal of greater choices in PVs, green mobility and bolster sustainability.”